The Choice for Pointe-a-Pierre Refinery: Investor Backing vs. State Management

This article explores the opposition’s obstruction of Trinidad and Tobago’s government plans for the Pointe-a-Pierre refinery, particularly highlighting Kamla Persad-Bissessar’s efforts to delay investor engagement. It critiques her stance and underscores the significant turnaround of Oando plc, one of the potential investors, calling for careful consideration of the future management of the refinery.

In an effort to address concerns surrounding the Trinidad and Tobago government’s attempts to secure an investor for the Pointe-a-Pierre refinery, I embarked on an investigation inspired by a recent Facebook post. My research indicates that opposition leader Kamla Persad-Bissessar is actively trying to obstruct these plans. During a recent appearance, she urged the government to postpone any leasing agreements until after the elections, a stance I find troubling.

Persad-Bissessar’s proposed alternative to keep the refinery state-run raises red flags, particularly in light of Trinidad and Tobago’s history with state-owned enterprises. Her campaign against potential investors, notably against Indian businessman Naveen Jindal, culminated in his withdrawal due to allegations of corruption linked to him, which significantly impaired our chances of attracting investment. This move seems detrimental, with her scorecard reading: Persad-Bissessar 1, Trinidad and Tobago 0.

Despite these setbacks, Finance Minister’s announcement in October 2024 indicated progress in securing an investor, with three contenders shortlisted. However, the next day, reports emerged questioning the reliability of one contender, Oando plc, due to a long-standing SEC investigation from 2019. Local reporting seemed biased, as it omitted essential context regarding Oando’s subsequent recovery.

Upon conducting further research into Oando, I discovered significant changes within the company. Recent leadership transformations and strategic investments, including new exploration initiatives, have restored investor confidence, reflected in a substantial surge in share price—123 percent in 2023 and an impressive 529 percent in 2024. This showcases Oando’s evolution, contrary to negative perceptions.

Given the current landscape, the decision regarding the refinery’s management is clear: it could either be by a competent, investor-backed entity like Oando or remain under the potential control of a Persad-Bissessar-led government. I encourage the public to consider these facts and draw informed conclusions about our future energy management.

In summary, the government’s endeavor to revitalize the Pointe-a-Pierre refinery is hindered by opposition efforts to disrupt investor confidence. Notably, the past actions against potential investors like Naveen Jindal reflect a troubling trend that could jeopardize economic opportunities. Meanwhile, Oando’s remarkable recovery and strategic direction present a compelling option for the refinery’s future management. Ultimately, Trinidad and Tobago must carefully weigh these options to secure its industrial progress.

Original Source: newsday.co.tt